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Tuesday, August 8, 2017

Thinking about buying a Congregate HealthCare Facility already licensed by the state?

Like so many of us, it not hard to see why so many potential owners of the congregate living health facility type business would look to purchase one already up and operational.  With the wait times to be anywhere between 9 months to even three years before you can get the license, buying an already operational CLHF is the better decision.

When it comes to wanting to look at purchasing one, there are some things that you need to be aware of prior to getting into any type of contractual type agreement with the seller.

We list these for your reading:

  • All Buyers - Individual(s) or Corporation(s)
  1. Must Provide Resume(s), 
  2. Proof of Net-Worth, and/or Revenues, 
  3. Proof of Funds to make the Purchase, and 
  4. Purchase Plan

  • All Buyers are Introduced to the Seller based on the Buyer submission of Information
  • Approval Granted by the Seller, to the Buyer to Review the Offering Book in Detail

  • It is expressed that we Do NOT Advise Sellers or Buyers to engage another party with little to no experience in the Healthcare Industry.
  • We often reject potential buyers based solely on their lack of experience in the long term care healthcare business.
  • Lack of industry knowledge is a factor in qualification via the State Public Health Department and if not, then the CMS will deny based on no background knowledge.
These businesses do qualify for SBA Government Loans.  Ask your bank if they do SBA, if they do not...find another bank fast!

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